The Times Australia
Small Business News

.
The Times Real Estate

.

Why employers should practise recognition as job mobility drops

  • Written by Kylie Green, Managing Director - APAC at Reward Gateway

The Australian workforce has undergone a dramatic transformation in recent years as attitudes to flexibility, productivity and culture have been flipped on their heads. During the pandemic, employees took control of the wheel and demanded more from their employers, with over half passively job-seeking in case their demands were not met. At the same time, we began to see employment trends like ‘quiet quitting’ spring into the zeitgeist for the majority of workers.

However, with economic challenges and a broadening skills gap forcing workers to stay put, Australian employers could soon find themselves back in the driver’s seat. But what does that mean for hiring retention strategies and the see-sawing employer-employee power balance?

Low job mobility signals a shift towards an employer-led market

Changing external factors have now led employees to become more interested in stability. As a result, the Australian Bureau of Statistics recently revealed Australia’s job mobility rate has dropped to 8% from a decade-high 9.5%. 

This sharp drop signals the first decrease in three years and is a clear indication that the power balance in the Australian job market is shifting. Contrary to the ‘loud labouring’ and ‘career cushioning’ trends that gathered steam during the pandemic, external pressures including the rising cost of living and widespread redundancies led to a 4% increase in tenure across all age groups.

While job mobility has remained highest among the youngest demographic with 13% of 15-24-year-olds changing jobs over the course of a year, the same cohort has seen a 3% drop from 16% just two years before. This indicates Australia’s junior workforce - and consequently, those most disproportionately impacted by high rents and energy costs - is becoming increasingly risk averse when it comes to switching roles in the current climate.

What does this mean for employers?

As employers begin to see the impact of this cautiousness on their retention rates, they should be conscious not to become complacent. Business leaders must acknowledge that high retention in the current environment may not necessarily correlate with high employee satisfaction. Whatever the economic environment, employees require acknowledgement and recognition to do their best at work, and employers should ensure they are on the front foot to deliver this.   

In fact, according to Gallagher, people with high wellbeing report 2.3x higher engagement at work, and with the average cost of hiring increasing from $10,000 to $23,000 per candidate in the past year, it pays to make employee wellbeing a core component of your business strategy.

As the cost of living continues to bite, employees across Australia are facing heightened levels of stress. These external pressures mean changing roles feels more daunting now than in recent years. Although the power dynamic has seemingly shifted back into the hands of employers, business leaders should not take increasingly long tenures as a sign of happiness and engagement. Instead, they should ensure they have the correct processes and reward systems in place to ensure staff feel seen and valued. Ultimately, if you invest in your employees, they will invest back in you with loyalty that transcends even the most turbulent economy.


By Kylie Green, Managing Director - APAC at Reward Gateway

SME Business News

Foxtel Group and World Surf League extend partnership into 2025

Foxtel Group has announced the renewal of its broadcast rights deal with the World Surf League (WSL), extending the long-standing, 17-year partnership through 2025. The renewal ensures Austra...

Empowering Education: Flinders University Partners with The Missing Link for AI Training

The Missing Link, a leader in intelligent AI and automation solutions collaborates with Flinders University to deliver a bespoke Microsoft 365 Copilot training program. This partnership equips ...

Choosing the Right Waste Facility Software for Your Business in Australia

Running a waste facility without proper software is like navigating a ship without instruments. This is why waste facility software has become vital for Australian recycling and disposal facili...

Australian businesses face uncertainty under new wage theft laws

As Australian businesses brace for the impact of new wage theft laws under The Closing Loopholes Acts, data from Yellow Canary, Australia’s leading payroll audit and compliance platform, highli...

Property Times

Positive signs in new home construction but still a long way to go

In the first three months of the National Housing Accord, Australia commenced construction on 43,247 new homes according to the Australian Bureau of Statistics. This is 4.6 per cent higher than the June 2024 quarter and 13.9 per cent higher than t...

Black Rock is a popular beachside suburb

Black Rock is indeed a popular beachside suburb, located in the southeastern suburbs of Melbourne, Victoria, Australia. It’s known for its stunning beaches, particularly Half Moon Bay, which features iconic sandstone cliffs and a shipwreck of HMV...

What factors affect whether or not a person is approved for a property loan

Several factors determine whether a person is approved for a real estate loan. These factors help lenders assess the borrower’s ability to repay the loan and the risk involved. Key considerations include: 1. Credit Score and History • Credit Sc...

Does the Sydney property market still offer rewarding investment opportunities

Investing in Sydney’s property market has historically offered rewarding returns, characterized by consistent capital growth and strong rental demand. Since the 1980s, Sydney’s average capital growth has been approximately 7.4% per year, indicating t...

Food & Dining

Delicious and Healthy Vitamix Recipes for Optimal Nutrition

🍏🥦 Enjoy tasty Vitamix recipes packed with nutrients for optimum health. Healthy eating 🥕🍓 made fun & delicious! 💪🍹 #Nutrition #VitamixRecipes Healthy Eating and Optimal NutritionRenowned for its versatility and unparalleled blending capabilitie...

Lauren’s Journey to a Healthier Life: How Being a Busy Mum and Supportive Wife Helped Her To Lose 51kg with The Lady Shake

For Lauren, the road to better health began with a small and simple but significant decision. As a busy wife and mother, she noticed her husband skipping breakfast and decided to purchase The Man Shake to ensure he was starting his day right. W...

Move over mānuka – here are 5 other delicious native NZ honeys to try this summer

As I write, the summer landscape is bright with pōhutukawa flowers. Sitting in the shade of the “New Zealand Christmas tree”, I can hear bees humming as they move between flowers collecting nectar. Pulling the picnic basket near, I cut a slice o...

How the Aussie summer has a profound effect on 'Climate Cravings’

Weather whiplash describes the rollercoaster-like shifts in weather we’ve experienced this summer —a blazing hot day one moment, followed by an unexpectedly chilly or rainy turn.  As a result, Aussies are experiencing ‘Climate Cravings’ - a shif...

The Times Features

There Are No Boundaries In Love and There Does Not Need To Be!

Love is unpredictable and has its own language. It is the most healing and transformative quality of our existence, it does not know separation by race, boundaries, borders, gove...

Restorative massage: Technique and Contraindications

Any massage, including restorative massage, not only gives a person pleasure and enjoyment but also has a beneficial and therapeutic effect on the whole organism. To date, resto...

Tips on Choosing the Right Tibetan Singing Bowl for You

The art of mindfulness can really do wonders for your life. In fact, it has been proven to help people thrive in the most difficult situations, including the pandemic, and being ...

Bali, A stunning island paradise that's truly a feast for the eyes!

As the holiday period approaches, many Australians are thinking of warm destinations, which for them means a chance to get away from the summer heat. Among the most spectacular I...

Discover the Key Habits to Lower Your Water Costs in Canberra

Water conservation has become a critical focus in Canberra due to its growing population and the increased necessity of preserving natural resources. Rising water costs are placi...

Why Every School Needs These STEM Kits to Prepare Students for Tomorrow

As the world moves further into the 21st century, the importance of Science, Technology, Engineering, and Mathematics (STEM) education has never been clearer. Schools across Aust...

Business Times

Foxtel Group and World Surf League extend partnership into 2025

Foxtel Group has announced the renewal of its broadcast rights deal with the World Surf League (WSL), extending the long-...

Empowering Education: Flinders University Partners with The Missi…

The Missing Link, a leader in intelligent AI and automation solutions collaborates with Flinders University to deliver a be...

Choosing the Right Waste Facility Software for Your Business in A…

Running a waste facility without proper software is like navigating a ship without instruments. This is why waste facility ...

LayBy Shopping